Friday, September 14, 2012

What I Have Learned by Starting My Own Business!

Yes, I knew it would be a lot of work but, at the time, I was more focused
on finding a way to make money while my children were still young and in
school.

My husband’s job was very time consuming. He was rarely able to get home early enough
to attend the various games our children participated in or to even pick them up
from an after-school practice. Forget
about being able to volunteer for a party or to chaperone a field trip. And I wanted to do those things.

So, what could be better than

working at home

in my own
small business?

I could volunteer, see
all my kid’s games, and earn a paycheck! It would be perfect!

Are any of
you laughing yet?

I, along with two partners, incorporated our business in
1996. We decided on a Background Check
Services company. We all brought various
skills to the table and jumped right in.

We
filled out and filed all the necessary government forms (of which there are
many), wrote our procedures and developed the forms we would use, and “cold
called” to get our first customers.

How does the saying go,

“the best laid plans.....”?

I was diagnosed with breast cancer in the
early summer of 1997. The next months
were filled with surgery, chemo, and radiation treatments. In between, and even in my hospital bed, I
was still researching our client requests and generating sales proposals.

By 2004, I was running the business myself.

It was daunting, but I looked at it as a
challenge. I would now get to do things “my
way”, and by this time I figured I had learned a lot about how things were
being done and in what direction I wanted them to go.

I would also have to say that with age comes
reflection. I am now in my 50's and I
have found myself looking back and marveling at how much I have learned…and how
far I still want to go!

I cannot do everything. I have to be willing to ask for help (in
business and my personal life), delegate, and outsource when needed. The best decision I ever made was to
outsource my taxes to a qualified accountant. I don’t do my own taxes, so why would I tackle my business taxes?

The Necessity to Focus.

I have found that once I start a task, I need
to see it through to completion. Let’s
face it, something else is always going to come up. Procrastination is not an option! This one was hard for me. I tended to multi-task to the point that I was
unsure anything was getting my “best”. Now, while I still multi-task, I try to give the really important jobs my
undivided attention.

Budgeting.

Any Small Business, especially when trying to establish itself, needs to
keep ruthless track of expenses and invoices. You need to identify what you can afford and what you cannot. Operating costs, including everything from
utilities, internet, advertising, and even down to office supplies, need to be
built into your budget.

The importance of “Building Relationships”
before “Selling”.

With my venture into
Social Media, this one has become even more important and, for me, the most rewarding. I truly enjoy building relationships with
current and potential customers. This
also goes hand in hand with great Customer Service. The more my clients trust me, the more they
trust my service.

To Value my Time and Charge Accordingly.

Probably one of the hardest things to put a
true monetary value on is your time. Much of my business is time – the time it takes to do research, the time
to contact and verify resume information, and the time necessary to generate reports. I have been able to find a way to take my
time into consideration while still keeping in mind the economy and my client’s
needs. It is a balancing act, but worth
it. Discover more about how I learned to set our prices in "Find it Difficult to Set Your Prices? You are not Alone!".

To Never Be Satisfied.

This does not mean I am not happy with my
business, it just means that I am constantly in pursuit of new and better ways
to do things. In that vein, I really
dived into Social Media. I have a Facebook and Google+ business page, joined groups on both LinkedIn and Facebook, and of course I have this blog. I even started Business Mentoring services. I think this re-energizes me and
keeps things fresh!

I Need to Plan Downtime.

When you own your own business, the
temptation is to always be “on the job”. This does not work. While there
are times you will probably have to work long past regular business hours, you
need to be able to take a break. I have
found being able to take time and enjoy my family, read a book (I read every
night before I go to sleep), and laugh with friends, enables me to tackle my
work tasks with a better attitude. Find out more tips to help you get the downtime you need in "It's Vacation Time! Are You Ready to Break Away from Your Small Business?"!

I Learned to LOVE What I Do!

For me, to really be successful, it
is necessary to be invested and interested. By keeping in mind my goals and being willing to adjust and adapt, I am
constantly challenged (in a good way) and proud of what I have accomplished. I covered this topic more in "I Know Why I do What I Do!".

So, what would I say to anyone thinking of starting a Small
Business?

Go For It!

Like most things in life,

if you wait for the
“perfect” time,

it will never happen.

Take the plunge…and I think you will be happy you did!

Please Pay it Forward and Share This! Leave a comment too, we would love to hear your story!

2 comments:

“You need to identify what you can afford and what you cannot.” You’re right. It is essential to keep track of what you’re still capable of availing with your set budget. This way, you will not fall short and you can avoid having debts. Another good thing a business should learn to be successful is to value its marketing. A well-advertised business can effectively charm its target market, and make them loyal customers/clients.

You are spot on when you mention Marketing Kevin! Whether your marketing is through Social Media or traditional channels, it is definitely essential to get your name "out there" and create a brand.

Thanks for your comments and I appreciate you taking the time to read my blog article! If you are interested, I invite you to read some of my other articles on small business also - and you can subscribe if you would like. Thanks!